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11161 D111" X C UIE Y <br />��­­i;II;�111, <br />BACKGROUND <br />1.1 In October 2002, the owners and partners of Roseville Properties, a local development <br />company, were before the City Council with an introductory discussion regarding <br />their redevelopment proposal for approximately 66 acres within the Twin Lakes <br />Redevelopment Area. The concept was well reviewed by the City Counci 1 and the <br />Council provided direction to the developer to submit a tax increment financing JIF) <br />application along with revised site plans for further review. In addition, Roseville <br />Properties presented an update on the project and an outline of a pre - development <br />Memorandum of Understanding (MOU) in February 2003. <br />1.2 City financial consultant Jim Casserly and Roseville Properties consultant Bob <br />trachota are still in the process of reviewing the project based upon the submitted <br />Tax Increment Application and supplemental market information. The review has <br />always been based upon receiving the Special Legislation regarding new Tax <br />Increment Districts within the Twin Lakes area. Since the special legislation was not <br />approved by the legislature, the developer is exploring other options. The <br />development team (and the city) have invested a tremendous about of time and money <br />on the Twin Lakes project to date. Roseville Properties and city staff are looking for <br />Council direction regarding several components of the project pn'or to proceeding. <br />2.1 Muster Plan Modifications'— The master site plan has changed as the development <br />team has been assembled and users have been identified. This includes changes in the <br />Twin lakes Parkway road design and land uses. used upon most recent site plans an <br />amendment to the Twin Lakes Master Flan would be required. Staff will review the <br />ALTAR, as well. <br />2. Impact of not recemme Special Lej lation /other Financial Alternatives - Per the <br />Tax Increment Application, Roseville Properties proposal is requesting 24 million in <br />Tax Increment Assistance (plus interest) that would be on a pay -as- you -go basis over <br />a 20 year period. This funding would help to write down expensive land costs, clean <br />the site, remove or clean contaminated soil, remove asbestos and blighted buildings, <br />install new utilities and construct the new Parkway. without the special legislation, <br />this is not possible. Other alternatives will be discussed with the Council but mare <br />require additional up front and/or riskier public financing that would not be based <br />specifically on the new taxes generated from the development. <br />PF3232 - R IB - RP Proposal (060203) Page I of 2 <br />